Canadian interested in US loans

[ly94]

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Hey everyone! I’m a Canadian citizen who recently got accepted into a DO school in the US. To pay for the tuition, one option is getting a line of credit or student loan from one of the Canadian banks. Also, my sister-in-law is a US citizen with a good credit score and she can be my co-signer if I want to get a private loan in the US. My question is which one is a better option? Does anyone have any experience with either of these?

Thanks!!

 

[shadowblade]

Canadian banks offer student lines of credit that go up to $300,000 Canadian at interest rates as low as Prime - 0.25% (currently 3.7%).

This is far better than anything you'll get from a US bank, unless your sister-in-law is getting a loan against her home equity.

 

[ly94]

Canadian line of credit won't cover the entire cost because I need around 300k USD. I know someone who was able to get 370k CAD as a loan from scotiabank but I don't know how she did that.

 

[NotAProgDirector]

If anyone cosigns your loan and then something bad happens -- you fail out or are otherwise unable to finish -- they are 100% responsible for paying back your loan. Do so only with extreme caution.

 

[shadowblade]

If anyone cosigns your loan and then something bad happens -- you fail out or are otherwise unable to finish -- they are 100% responsible for paying back your loan. Do so only with extreme caution.

As a Canadian there are no other options. We don't have an equivalent of FAFSA, Our government loans will easily cap out at 10k or so a year canadian dollars, barely enough for rent.

You pretty much have to take out a loan from a Canadian bank which will almost inevitably require a cosigner unless you have significant income e.g. 100k+ on your own at present.

Your best bet is to get 300k from a Canadian bank, the 40k or so from your provincial loans, then your sister-in-law can potentially cover the rest from a loan in the US.

PLEASE get life insurance + disability insurance etc, in case you are unable to work before you can start paying it off. I got coverage for around 20 years to cover me through residency and early attending hood.